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LMC economic development belt to boost sub-region’s development

Updated: Dec 18,2018 8:53 AM     Xinhua

LUANG PRABANG — State Councilor and Foreign Minister Wang Yi said on Dec 17 that building the Lancang-Mekong Cooperation (LMC) Economic Development Belt could improve and upgrade the economic development of the sub-region.

Addressing a press conference following the “4th Mekong-Lancang Cooperation Foreign Ministers’ Meeting,” Wang said that ministers from the six LMC countries held discussions in this regard and agreed to launch the implementation plan for building the economic development belt.

He noted that the six countries could rely on the Lancang-Mekong golden waterway, utilize key industrial towns and infrastructure projects, so as to improve the quality, raise the efficiency and seek upgrading of the sub-region’s economic development.

On building the LMC Economic Development Belt, Wang noted that efforts should be made in five perspectives.

Firstly, the six Lancang-Mekong riparian countries should coordinate development strategies, make use of their respective advantages, improve the sub-region industrial chain and value chain so as to achieve coordinated development.

Secondly, they should give full play to key industrial towns and major infrastructure projects, try to build one or two industrial capacity cooperation parks under the LMC framework in each country, in a bid to achieve comprehensive development and industrialization.

Thirdly, efforts should be made to strengthen digital infrastructure and innovation capacity building in order to promote industrial upgrading.

Fourthly, the six countries should work to improve the ecological environment, protect and properly use water resources and explore environmental management models to achieve green development.

Fifthly, they should explore more convenient and liberalized measures in terms of personnel exchanges, cargo transportation, investment arrangement and financial circulation.

The Lancang-Mekong Cooperation is a sub-regional cooperation mechanism jointly established by China, Cambodia, Laos, Myanmar, Thailand and Vietnam.

Originating from the Qinghai-Tibet Plateau in China, the river is called the Lancang River in China and the Mekong River when it flows through the other five countries before emptying into the sea.